Taxes on Earnings (Tables)

12 Months Ended

Jan. 30, 2021

Income Tax Disclosure [Abstract]

Schedule for Income Tax Provision

The provision for income taxes consisted of the following:

($000)	2020		2019		2018
Current
Federal	$	44,164	$	414,823	$	357,170
State	4,563		56,528		74,472
	48,727		471,351		431,642
Deferred
Federal	(27,487)		28,244		33,913
State	(325)		3,765		(2,136)
	(27,812)		32,009		31,777
Total	$	20,915	$	503,360	$	463,419

Schedule of Provision for Taxes Effective Rate

The provision for taxes for financial reporting purposes is different from the tax provision computed by applying the statutory federal income tax rate. The differences are reconciled below:

	2020		2019		2018
Federal income taxes at the statutory rate	21.0	%	21.0	%	21.0	%
State income taxes (net of federal benefit)	4.1	%	3.2	%	3.5	%
Hiring tax credits	(5.4)	%	(0.4)	%	(0.5)	%
Tax audit settlements	—	%	(0.5)	%	(1.3)	%
Other, net	—	%	—	%	(0.1)	%
Total	19.7	%	23.3	%	22.6	%
Certain items in the prior years have been reclassified to conform to current year’s presentation.

Schedule of Components of Deferred Income Taxes

The components of deferred taxes at January 30, 2021 and February 1, 2020 are as follows:

($000)	2020		2019
Deferred Tax Assets
Accrued liabilities	$	30,415	$	35,242
Deferred compensation	34,545		33,108
Stock-based compensation	39,302		35,290
State taxes and credits	10,926		20,178
Employee benefits	37,779		18,425
Operating lease liabilities	829,946		797,467
Other	6,239		3,353
Gross Deferred Tax Assets	989,152		943,063
Less: Valuation allowance	(4,089)		(4,590)
Deferred Tax Assets	985,063		938,473
Deferred Tax Liabilities
Depreciation	(285,161)		(273,255)
Merchandise inventory	(25,434)		(26,376)
Supplies	(11,589)		(10,972)
Operating lease assets	(775,183)		(766,874)
Other	(9,563)		(10,675)
Deferred Tax Liabilities	(1,106,930)		(1,088,152)
Net Deferred Tax Liabilities	$	(121,867)	$	(149,679)

Schedule of Changes in Amounts of Unrecognized Tax Benefits

The changes in amounts of unrecognized tax benefits (gross of federal tax benefits and excluding interest and penalties) at fiscal 2020, 2019, and 2018 are as follows:

($000)	2020		2019		2018
Unrecognized tax benefits - beginning of year	$	59,887	$	65,787	$	98,666
Gross increases:
Tax positions in current period	12,310		13,864		14,722
Tax positions in prior period	2,860		2,672		1,843
Gross decreases:
Tax positions in prior periods	(2,624)		(9,559)		(40,600)
Lapse of statutes of limitations	(9,861)		(8,653)		(8,584)
Settlements	(2,332)		(4,224)		(260)
Unrecognized tax benefits - end of year	$	60,240	$	59,887	$	65,787